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World's Oil Demand Is Seen Dropping 1.2%

LONDON -- The International Energy Agency said global demand for oil is expected to fall 1.2% this year, the biggest annual drop in 27 years, as U.S. consumption declines and Chinese growth weakens.

The recession in the U.S. and many other developed nations is expected to roll back world oil consumption to 2006 levels, the IEA said in its monthly oil-market report. Consumption in the U.S., the world's biggest consumer of oil, is seen...